Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Credit Net sales $16,880.6 Cost of sales $10,797.1 Selling, general, & administrative expense & other 3,136.6 Interest expense, net 367.3 Income tax expense 818.7 Retained earnings 12,117.8 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Seti General Journal Date Description Debit Credit 29-May 0 0 0 0 To close the revenue account. 29-May SG&A expense and other Interest expense, net Income tax expense To close the expense accounts. O O O O O o o o o o Net Sales 0 16,880.6 Bal. 0 0 Bal. Retained Earnings 0 12,117.8 0 Bal. 0 0 0 Bal. Bal. Cost of Sales 10,797.1 0 0 Bal. 0 Bal. SG&A Expense 3,136.6 0 0 Bal. 0 Interest Expense, net 367.3 0 Bal. Bal. 0 0 Income Tax Expense 818.7 0 Bal. Bal. 0 0